Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The beginning of the lease was July 1, 2015. Rental income is taxable when received. The income tax rate is 30%. The entry had no other permanent or temporary differences. What amount of deferred tax asset should be reported on December 31, 2015?

Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The beginning of the lease was July 1, 2015. Rental income is taxable when received. The income tax rate is 30%. The entry had no other permanent or temporary differences. What amount of deferred tax asset should be reported on December 31, 2015?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 15DQ

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